Last week, we joked about the glacial pace of the 2013 Biglaw bonus season. After all, Cravath made its announcement on December 9, and in that time, we’ve only heard from as many firms as days have passed since that time — seven.
Well, maybe things are finally heating up. Yesterday afternoon, two more firms sent out word of their associate bonuses by class.
Go ahead and queue up the Luther Vandross, because we’ve reached the thrilling conclusion of our annual ATL March Madness.
Our newly expanded tournament pitted 32 teams in the hunt to be declared the law firm with the brightest future. After a string of close calls and upsets, it came down to second-seeded Paul, Weiss against fourth-seeded Gibson Dunn, the spunky underdog who’d knocked off the overall top seed Wachtell.
Our friend Bruce MacEwen has written a trenchant analysis of the predicament currently facing the large law firm business model: Growth is Dead: Now What? In the words of Paul Weiss chair Brad Karp, the book “is an extraordinary body of work that reflects enormous insight and ought be required reading by managing partners of law firms,” as well as “a much-needed wake up call for our profession.”
Originally a twelve-part series on Adam Smith Esq., Growth is Dead will soon be released as a paperback. Next Tuesday, February 26, ATL will host a salon-type event for law firm partners in celebration of this release, at a sleek new venue in a convenient area of Manhattan. Peter Kalis, global managing partner of K&L Gates and author of the foreword for Growth is Dead, will introduce Bruce, who will then (briefly) discuss his book and take a few questions. This will be followed by a free evening of cocktails and thought-provoking conversation. We’ve had a robust response so far, but limited spaces are still available. Law firm partners, please join us; you can RSVP here.
By way of preview, we spoke with Bruce about his book. How did it come about? What did he find out in the course of writing it that was most surprising? Encouraging? Discouraging?
You don’t want to live in a town where the police and the mob work together.
In a completely unrelated note, today the Second Circuit heard arguments from the SEC — the federal agency statutorily charged to enforce the nation’s securities laws — and Citigroup — a company targeted for securities laws violations that it refuses to admit or deny committing — on the SAME SIDE.
This should be a red flag.
They wanted the Second Circuit to spank Judge Jed Rakoff for having the audacity to ask the SEC to kindly do its job. The nerve of some people.
Well, securities law may not be as sexy as drone strikes, but I watched the SEC try to pull off just as naked an executive power grab.
When it comes to its associates, Paul Weiss has a few “crazy ones.” But when it comes to its associate bonuses, the firm is extremely rational.
Last night, around the time the Skadden bonuses came in, Paul Weiss also announced its 2012 bonus scale. Just as it did last year, the firm matched Cravath. PW will pay bonuses on December 21, the same date as Cravath and Skadden.
Was there ever any doubt that Paul Weiss would match?
The Cleary scale provides for (1) prorated bonuses for class of 2011 members and (2) a top payment of $42,500 for the most-senior lawyers (class of 2003 on up). We’re calling it the “Cleary scale” because some firms that pay a stub bonus to the class of 2011 top out at $37,500 (e.g., Milbank), and some firms that go all the way up to $42,500 don’t pay stub bonuses (e.g., Sullivan & Cromwell and Simpson Thacher).
(These are some pretty fine — and minor — distinctions. As Elie just grumpily remarked to me, “Remember when setting the market involved making it rain instead of figuring out if any pee got on the toilet seat?”)
In any event, it’s nice that Paul Weiss is taking care of its people at both the top and bottom of the seniority scale. Let’s look at the memo….
Hey, have you read Above the Law for like one single minute in the past month? If so, you probably know that we’re having this big blogger conference on March 14th at the Yale Club. Yeah, the Yale Club. You’ll be able to recognize me: I’ll be the only big… blogger guy surreptitiously holding a can of crimson spray-paint.
Speaking of coming, you should come. We’ve got CLE and all that. Click here to buy tickets to get CLE credit for listening to bloggers scream about stuff on the internet.
To refresh your memory, details on the panel that I’m moderating — almost entirely sober, mind you — follow.
My panel is called Blogs as Agents of Change, and we’re going to talk about whether all of these spilled pixels are actually making a difference. You know my view… just ask Lawrence Mitchell, but here are the panelists:
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
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